MNI China Daily Summary: Tuesday, April 2

MNI BRIEF: China to Incentivise Equipment Upgrades, Trade-Ins

MNI: PBOC Drains Net CNY148 Bln Via OMO Tues; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0957 Tues; -4.95% Y/Y

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.0957 TUES VS 7.0938

EZ/UK T-Bill Calendar: Greece, EU-bill auctions on Wednesday

MNI: US REDBOOK: MAR STORE SALES +3.9% V YR AGO MO

Services CPI Accelerates To 3.7% Y/Y In Line With MNI's Tracking

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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CNB First Hike Likely to Happen on August 5

CZECHIA
  • Last week, economic data showed that Czech inflation slowed in May to 2.9% YoY (vs. 3.1% exp.), down from 3.1% the previous month.
  • Czech policymakers have hinted the market that the CNB will start raising rates this summer, with some participants pricing in a hike as soon as this month at the June 23 meeting. We think that CNB will start its normalization as expected in August following the downtick in CPI.
  • Today, the government is scheduled to discuss PM Andrej Babis proposal to freeze salaries of public officials and judges (BBG).
  • USDCZK has been testing its 21 resistance in the past two days; a break above that level would open the door for a move up to 21.21 (50D SMA). On the downside, first support to watch stands at 20.72, followed by 20.50.
  • Czech 10Y yield continues to gradually retrace lower after breaking below its 100D SMA earlier this month; next support to watch stands at 1.60%. On the topside, first resistance stands at 1.72% (100D SMA), followed by 1.79% (50D SMA).
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